Information Technology Cost Savings Ideas That Are Undervalued
March 11, 2020 |By Seth Barrick | Marketing Strategy
Information Technology Cost Savings Ideas
When times are hard, everybody wants to save money. One of the best ways to do this is to look at spend in regards to information tehcnology. Some of the most costly expenses to a company exist within this department.
Buy What’s Needed, Not Wanted
Even the most successful businesses run on tight margins and tight budgets. No matter how deep a company’s pockets, they should still consider ways to reduce cost. One of the easiest ways to do this is to look at current spend.
In most companies the information technology department typically spends lots of money on software and hardware. Of course these things are needed for people to do their jobs efficiently, but there are ways to reduce the overall expenses. This will in turn save your company lots of money and can help prevent financial hardships.
The first and most obvious thing to do is to consolidate your assets. Not everybody needs to have a printer on their desk. Unfortunately being privileged doesn’t help companies save money. Instead, have 2-3 printers in the office that all of your staff shares. This may possibly make things move a bit slower, but not by too much. If it does, find a system that makes it work.
Don’t Buy New Equipment
Purchasing new equipment is obviously going to be more costly than used equipment. If you’re truly seeking to reduce cost find something used that still works for your business needs. If you’re able to purchase used equipment, you can save a substantial amount.
There are plenty of vendors who restore used equipment and sell it at cheaper rates. If you can take advantage of this sort of pricing, you could save thousands. Just make sure that when you purchase the used equipment, you have some sort of warranty.
Rent Instead of Buying
If purchasing used equipment scares you a little bit, try renting your equipment. When you buy your equipment, it’s generally a long-term investment. Unfortunately, not every company has the luxury of investing their money long-term. On the contrary renting equipment is less of a risk and might be the right option for your company.
Analyze & Control Costs
If your information technology department isn’t currently analyzing and re-analyzing spend, your missing out on some serious savings. There is always more you can save when it comes to information technology expenses.
One of the reasons a concept like NuQuo is so disruptive to the copier industry is because we always find more savings for companies. Print isn’t ever going to go away, so the best way we can help our clients is by reducing their overall costs by 30-60%.
Execute Full Analysis
The first piece of the puzzle is to determine not if you can save, but where you can save. As said before, there is always a potential savings. The trick is to find out where you can save the most money and still have the necessary equipment for your business to function properly and efficiently.
The hardest part of the analysis is the time it takes to get an accurate reading of all your assets. For example, if you’re trying to save money on your copier contracts, you would have to collect all the meter reads for every machine. If you have a fairly large company with lots of machines this can be very time consuming. That’s when you can look into outsourcing your analysis.
Outsource Your Spending
One of the greatest information technology savings ideas we can propose is to outsource. There are a couple reasons for this. The first reason is because you probably don’t have time to find a way to save money yourself. When your information technology department is tasked with finding a way to save money, many other important tasks get put aside. When you outsource you not only save money, but lots of time.
Another benefit to outsourcing is you can increase your buying power and get your equipment for better rates. At NuQuo, we know what the benchmark best rates are for copier and printer equipment, and we provide this knowledge to our clients. This knowledge not only allows them to find greater buying power, but it also allows our clients to negotiate better pricing with vendors of their choosing.
When it comes to information technology cost savings ideas, you have to be willing to try something new. Obviously nobody likes change, but when it’s necessary, you do it.
Remember that one of the best ways to put money back into your company’s pocket is by looking at where you’re already spending your money. Just lessen that spend and you’ll make a tremendous difference.